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Third Gilinski offer for Nutresa shares declared void

05/16/2022 | 07:59pm

BOGOTA, May 16 (Reuters) - A public acquisition offer by Colombian business magnate Jaime Gilinski for shares in food producer Nutresa did not attract the minimum interest required for it to be valid, the country's stock exchange said on Monday.

Gilinski - who has shaken up Colombia's largest conglomerate, Grupo Empresarial Antioqueno (GEA), by launching a series of offers for shares in member companies - was seeking between 9.6% and 12% of Nutresa in his third public offer for the company's shares, at a price of $12.58 per share.

The offer was significantly higher than the $10.48 offered in the second acquisition attempt. Gilinski and Abu Dhabi's Royal Group purchased a total of 30.8% of Nutresa during the first two offers.

"The public acquisition offer for ordinary shares of Grupo Nutresa S.A.(...)has been declared void because the minimum quantity of shares sought by Nugil S.A.S. were not received during the period of the offer and the offerer did not overrule the minimum quantity," the exchange said in a statement.

Both Gilinski and Nutresa declined to comment on the result.

GEA companies like Grupo SURA and Grupo Argos have repeatedly refused to participate in public offers for SURA and Nutresa, saying the prices offered by Gilinski are too low. (Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Muralikumar Anantharaman)

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